Helios Infrastructure Fund completes acquisition of solar portfolio from Cypress Creek

Helios Infrastructure (Helios), a joint venture between Nationwide and Sol Systems, has completed the acquisition of a solar portfolio from  Cypress Creek Renewables. The portfolio spans 20 projects across North Carolina, of which 97 MW are operational and 51 MW are under construction.

In June 2018, Helios and Cypress Creek executed a framework agreement to purchase a portfolio of utility-scale solar projects under development by Cypress Creek. Since the agreement was announced, Helios has purchased and closed financing on the projects in the portfolio on a rolling basis. Helios and Cypress Creek completed the sale of the final 25 MW in the portfolio on July 31, 2020.

The 51 MW of projects under construction will create clean, renewable electricity that will benefit 20 counties and 12,000 homes per year in North Carolina, while offsetting approximately 150,000 tons of carbon annually (On a general scale, 1 MW can power 164 average homes, but can vary depending on regional differences). Cypress Creek’s Engineering and Project Management group is overseeing the construction by Pure Power Contractors and CS Energy, which is targeting a placed-in-service date of December 2020. Upon completion, Cypress Creek O&M Services will provide operations and maintenance for the entire 20 project portfolio.

The largest project in the portfolio is Ruff, a 32MW solar site located in Ellenboro, North Carolina. The project was placed in service on July 27, 2020.